Amendments made: No. 149, in page 68, line 30, at end insert—
'(3A) Where the relevant disposal was made to an individual, subsection (1) above shall not apply by reason of his becoming
neither resident nor ordinarily resident more than six years after the end of the year of assessment in which the relevant disposal was made.
§ (3B) Subsection (1) above shall not apply where the relevant disposal was made to an individual and—
- (a) the reason for his becoming neither resident nor ordinarily resident in the United Kingdom is that he works in an employment or office all the duties of which are performed outside the United Kingdom, and
- (b) he again becomes resident or ordinarily resident in the United Kingdom within the period of three years from the time when he ceases to be so, without having meanwhile disposed of the asset in question;
§ (3C) For the purposes of subsection (3B) above a person shall be taken to have disposed of an asset if he has made a disposal in connection with which the whole or part of the held-over gain on the relevant disposal would, had he been resident in the United Kingdom, have been represented by a reduction made in accordance with section 79(1)(b) of the Finance Act 1980; and subsection (3) above shall have effect for the purposes of this subsection as it has effect for the purposes of subsection (2) above.'.
No. 151, in page 68, leave out lines 37 to 43 and insert—
'(5) No assessment shall be made under subsection (4) above more than six years after the end of the year of assessment in which the relevant disposal was made.'.—[Mr. Peter Rees.]